Pragma360 Platform Adds NDFs, Improving Algo Trading Capabilities

The availability of NDFs on Pragma360 coincides with a growing demand for the instrument and EM currencies.

Pragma, a provider of high performance algorithmic (algo) trading tools, has launched an algo trading capability, bolstering its existing Pragma360 platform to now include non-deliverable forwards (NDFs), an integral component in accessing emerging markets (EM), per a Pragma statement.

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Pragma360 is the group’s flagship trading platform, presently covering a wide range of asset classes, including equities, foreign exchange, and futures. The latest addition of NDFs builds on this selection of instrument offerings, part of a broader effort to improve access to EM currencies.

The development follows an uptick in the global NDF market, which has grown over the past three years, accounting for over $130 billion in daily currency trading activity, according to a Bank of International Settlements (BIS) 2016 Triennial Central Bank Survey.

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Many EM Currencies Available

With the new upgrade clients will be able to utilize multiple algos and trade popular NDFs such as the Brazilian real (BRL), Korean kon (KRW) and Indian rupee (INR) – these currencies account for 49 percent of global NDF turnover.

Clients will also gain access to the Philippine peso (PHP), Indonesian rupiah (IDR), Malaysian ringgit (MYR), Taiwan dollar (TWD), Colombian peso (COP), and Chilean peso (CLP), all on the same platform. The upgrade is important as it helps foster improved trading capabilities not only for EM-focused clients, but for any market participants opting for NDFs.

David Mechner

According to David Mechner, CEO of Pragma Securities, in a statement on the launch: “Our clients want the same powerful best execution benefits that they get from Pragma360 across as wide a range of currencies as possible.”

“The ability for traders to have the same high level control and transparency that they enjoy with a G10, brings significant benefits when trading an NDF. This will be increasingly important in light of the upcoming FX Global Code, which demands greater transparency and best practices in foreign exchange,” he added.

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